Fulton Bank N.A. Buys 503 Shares of Lam Research Co. (NASDAQ:LRCX)

Fulton Bank N.A. raised its stake in Lam Research Co. (NASDAQ:LRCX) by 37.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,857 shares of the semiconductor company’s stock after purchasing an additional 503 shares during the period. Fulton Bank N.A.’s holdings in Lam Research were worth $1,515,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of LRCX. Fortitude Family Office LLC increased its position in shares of Lam Research by 16.7% during the second quarter. Fortitude Family Office LLC now owns 63 shares of the semiconductor company’s stock worth $67,000 after acquiring an additional 9 shares in the last quarter. Thomasville National Bank increased its position in shares of Lam Research by 1.5% during the second quarter. Thomasville National Bank now owns 812 shares of the semiconductor company’s stock worth $865,000 after acquiring an additional 12 shares in the last quarter. Ignite Planners LLC increased its position in shares of Lam Research by 2.8% during the second quarter. Ignite Planners LLC now owns 445 shares of the semiconductor company’s stock worth $484,000 after acquiring an additional 12 shares in the last quarter. U.S. Capital Wealth Advisors LLC increased its position in shares of Lam Research by 3.7% during the second quarter. U.S. Capital Wealth Advisors LLC now owns 335 shares of the semiconductor company’s stock worth $357,000 after acquiring an additional 12 shares in the last quarter. Finally, RFP Financial Group LLC increased its position in shares of Lam Research by 52.2% during the second quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock worth $37,000 after acquiring an additional 12 shares in the last quarter. 84.61% of the stock is owned by institutional investors.

Lam Research Stock Performance

Shares of LRCX stock opened at $80.61 on Tuesday. The stock has a market capitalization of $10.54 billion, a P/E ratio of 2.96, a PEG ratio of 1.51 and a beta of 1.47. The company has a current ratio of 2.97, a quick ratio of 2.00 and a debt-to-equity ratio of 0.52. The firm’s 50 day moving average is $95.29 and its 200 day moving average is $96.76. Lam Research Co. has a 12 month low of $57.44 and a 12 month high of $113.00.

Lam Research (NASDAQ:LRCX) last announced its quarterly earnings results on Wednesday, July 31st. The semiconductor company reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.05. The company had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $3.82 billion. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. Lam Research’s revenue was up 20.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.60 EPS. On average, sell-side analysts anticipate that Lam Research Co. will post 35.2 earnings per share for the current year.

Lam Research Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 1.14%. The ex-dividend date was Tuesday, September 17th. Lam Research’s payout ratio is 3.38%.

Analysts Set New Price Targets

A number of brokerages have issued reports on LRCX. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Lam Research from $110.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. UBS Group reduced their price objective on shares of Lam Research from $125.00 to $115.00 and set a “buy” rating for the company in a research report on Thursday, September 12th. Wells Fargo & Company reduced their price objective on shares of Lam Research from $1,000.00 to $880.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. TD Cowen upped their price objective on shares of Lam Research from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, B. Riley upped their price objective on shares of Lam Research from $113.00 to $132.50 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $141.28.

Insider Buying and Selling at Lam Research

In other Lam Research news, SVP Neil J. Fernandes sold 16,200 shares of the firm’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $105.70, for a total value of $1,712,323.80. Following the completion of the transaction, the senior vice president now directly owns 52,370 shares of the company’s stock, valued at $5,535,456.63. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CAO Christina Correia sold 647 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $817.51, for a total transaction of $528,928.97. Following the sale, the chief accounting officer now owns 4,267 shares in the company, valued at approximately $3,488,315.17. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Neil J. Fernandes sold 16,200 shares of the firm’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $105.70, for a total transaction of $1,712,323.80. Following the sale, the senior vice president now owns 52,370 shares in the company, valued at approximately $5,535,456.63. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.32% of the company’s stock.

Lam Research Profile

Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition products for copper interconnect transition that offers copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatments; and VECTOR plasma-enhanced CVD ALD products.